Chamath Palihapitiya: Tesla Stock to dominate Wall Street! It starts now.

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01. it's taken people 15 years to embrace that they're going to be now a legitimate car company but when I underwrote the investment my bet was on something degree and I think that Elon is well past building a car company and I think it'll take another five or ten years for people to figure out what this next Park of innovation is and what that is is that is the deregulation of energy that is what Tesla is powering that is what allows it to be a multi-trillion dollar company I want to understand shamas how you decide what to invest in do you believe and this is a subject that's come up on your podcast your all-in podcast do you believe in fundamentals or has been as has been argued a stock can trade wherever regardless of whether it is or isn't hinged you know to the fundamentals of the underlying business well maybe I can just give you an insight into how I process any opportunity sure company random company comes in uh to the top of the funding immediately I'm making a very quick hopefully it's a decision but maybe sometimes it's a judgment um and I'm asking myself does this fit into my world view or not meaning is it is it is it in my circle of confidence and I have a very simple way of looking at this is it going to fix something inequality that I think is important or is it going to fix something in climate change that I think is important those are the only two things I care about inequality and climate change under inequality there's a bunch of stuff Financial equality is important Health Care equality is important education equality is important so it allows me to organize a lot of different opportunities um and I'm trying to figure out is there a consumer proposition here that's important for them does it make something more symmetric does it take something that was asymmetric and fix it so that's my first judgment which is qualitative that's why whenever I start my one pagers it's always what is the strategy and you can read all of these one Pages now and what you'll get away from them is the first lens is equality and or climate change then I start to do the fundamental work and you know this is where I have a real issue with a lot of people who say that they're value investors I think that I'm a value investor um the thing is that when you look up the word value in the dictionary it doesn't mean cheap it doesn't mean a cigar but with two Puffs you know that famous Buffett Monger quote I think it actually means something that has value and so then I'm really thinking about you know what are the cash flows of this business how does it create a moat right meaning in software some technological way that's hard for people to compete with it and then can I get it for a price where there's a margin of safety where if they miss execute for a quarter or if they have a little hiccup it's going to be okay because you know we've got an entry point where five or ten years from now this thing will be five to ten times bigger and that's how I think about all these things and if you look at the deals that I've done they kind of map pretty singularly one to one to that um framework so let's use a real world example obviously this is not the kind of deal you're doing but if you looked at Tesla today through that lens is that stock a buy within market cap north of 800 billion dollars uh I mean the short answer is yes the reason is that I think people it took people look I bought Tesla in 2014 or 15.

02. I was one of the largest owners of the convertible debt you know I felt that that was the best margin of safety way to bet on Tesla um it's turned out to be an enormous winner um and I really believe in what Elon is doing I think he's the most important entrepreneur of our of Our Lifetime right now if you look under the hood you know utilities spend tens of billions of dollars hundreds of billions of dollars a year all around the world on cabinets they are completely regulated they feel completely safe they feel like they can issue debt Ad nauseam you know they can cause all kinds of damage into the environment or otherwise look at PG e and still come away unscathed because they're protected except that something is happening that nobody forecasted which is the complete Bottoms Up disruption of energy and that's the only way that this thing is going to get uh deregulated it's not going to be by law or dictate it's not going to be you know a big monolithic competitor it's going to be because every home installs Hydro panels solar panels batteries and then software that basically allows them to live off the grid and then eventually pump their excess energy into battery Solutions and other things that are controlled by cities and towns and governments who then in turn will turn off their usage of peakers at a minimum and then over time we'll have very different characteristics of usage from traditional utilities that is what Tesla is powering that is what allows it to be a multi-trillion dollar company tremath you have acquired a powerful and influential voice increasingly so on Wall Street but just the stench of this whole thing just goes to show you back to where we were talking about before about how difficult it is for normal everyday folks to have access to any kind of return so if you if you know sort of we break down the capitalist philosophy they are just fundamentally stuck in this cul-de-sac of always being labor and always being sort of at the you know ownership of the of of capital of the ownership class and then the fact that normal folks can't get access to returns and you know closing inequality Gap is just going to make all of the things we're dealing with today a lot worse than they already are in terms of Short Selling I buy the fact that it's an important part of the market I'm not a huge fan of it um I do think that certain folks really use it to run a neutral strategy and you know I think that that's great um but I also think that you know now in the world of social media and we've seen this recently you know disinformation can be used to not just cause political damage but I think this information can also cause economic damage and so um I think that the SEC is going to have to deal with that issue and figure that out how do we manage um information or interpretation or sensationalizing of things that all of a sudden can whipsaw the markets upend him um and these actors how are they regularly are they allowed to just say whatever they want and the implications are what they are or is there a higher standard now that there's so much distribution for so many more people that is a calm sober and thoughtful analysis it wasn't a few weeks ago what changed well look um as with everything I really do take pride in the fact that I um have strong opinions about their weekly health I think it's important to have a point but also sometimes I'm emotional and those conclusions are more judgments